Underwriter: Cyber Risks

What will you do?

Santam Specialist has an exciting opportunity for a Cyber Risks Underwriter to join its dynamic team. This role is aimed at an experienced insurance professional who will focus on the underwriting of cyber risk insurance products within the South African specialist insurance market.

What will make you successful in this role?

The successful candidate will be responsible for providing technical expertise and underwriting cyber risks across a variety of industries and client segments, supporting the development and profitable growth of Santam's cyber insurance portfolio.

Key Responsibilities include:

• Risk Assessment & Underwriting:
• Analyse and assess new and renewal submissions for Cyber Risk insurance with a focus on exposures including ransomware, data breach, business interruption, and network security liabilities.
• Apply deep technical knowledge of cyber risk exposures and evaluate the likelihood and potential severity of cyber threats.
• Determine appropriate coverage terms, limits, and pricing strategies using proprietary underwriting models, market data, and broker insights.
• Ensure alignment with Santam's cyber risk appetite, pricing tools, and underwriting guidelines.

• Structure bespoke cyber insurance solutions where standard wordings are inadequate.

• Broker and Client Engagement:

• Develop and maintain strong broker relationships to position Santam as a market leader in Cyber Risk underwriting.
• Present and explain cyber coverage to brokers and clients, providing training and insight where needed to enhance cyber risk awareness.

• Attend renewal and new business meetings; negotiate terms and close deals effectively.

• Portfolio Management:

• Monitor the performance of the cyber portfolio (e.g. hit ratios, profitability, loss trends) and provide insights into emerging threats and risks.
• Work collaboratively with the Head: Cyber Risks to ensure product relevance and continuous development of cyber wordings and endorsements.

• Deliver underwriting reports and updates to management for decision-making and strategy refinement.

• Internal Collaboration:

• Collaborate closely with claims, actuarial, legal, IT security, and reinsurance teams to manage risk holistically.
• Participate in product development initiatives and cross-functional projects, including those related to cyber risk modelling and incident response readiness.
• Contribute to the development of underwriting tools, training material, and knowledge-sharing resources.

Qualifications & Experience

• Bachelor's degree in risk management, Law, Insurance, IT Security, Finance or related field (LLB, B.Comm or similar) preffered
• Cyber Insurance underwriting experience (minimum 2–3 years) essential.
• Broader knowledge of specialist insurance products and underwriting
• FAIS compliant with RE5 qualification.
• Admitted Attorney or experience in data protection, cyber law, or IT governance would be a strong advantage.
• Strong understanding of global and local cyber risk landscape, threats, and regulatory frameworks (e.g. POPIA, GDPR).
• Proficient in Microsoft Excel, Word, PowerPoint, and data tools.

Skills

• Technical Expertise

• Deep understanding of cyber exposures and insurance solutions including third-party liability and first-party incident response cover.

• Ability to analyse IT risk reports, threat intelligence, and client cyber security postures.

• Sound knowledge of cyber insurance policy wordings and ability to draft bespoke terms and clauses.

• Analytical Thinking:

• Strong analytical and risk assessment skills with the ability to interpret complex data and cybersecurity reports.

• Financial acumen to assess business resilience, continuity plans, and economic impact of cyber risks.

• Communication & Influence:

• Strong verbal and written communication skills – ability to confidently engage brokers, clients, and internal stakeholders.

• Ability to explain complex cyber risk concepts in an accessible manner.

• Commercial Acumen:

• Understanding of local market dynamics in South Africa's specialist insurance sector.

• Able to identify growth opportunities and develop tailored solutions in a competitive cyber insurance market.

• Agility & Innovation:

• Proactive in staying updated with emerging cyber threats, trends, and regulatory changes.

• Adaptable and able to innovate within a dynamic and evolving line of business.

Knowledge

• Solid understanding of:
• Cyber risk landscape, threat actors, and mitigation practices.
• Global and South African data protection regulations and liability trends.
• Reinsurance and its application in cyber risk underwriting.
• Short-term insurance principles and underwriting standards.
• Financial and operational risk implications of cyber incidents.